6SS.E.36: analyze different economic systems in Europe

Front

Which economic system answers the question, "What to produce?" by relying on customs and traditions?

Back

Traditional economy

Front

In a command economy, who decides how resources will be used to produce goods?

Back

The government

Front

How does a market economy decide for whom to produce goods?

Back

Based on consumer demand and ability to pay

Front

Which of the following is true about how a traditional economy operates? Businesses decide the prices of goods and services. Production is influenced by inherited roles and cultural practices. Governments regulate trade and production. Technology plays a major role in production.

Back

Production is influenced by inherited roles and cultural practices.

Front

What does it mean for a country to have a mixed economy?

Back

It combines elements of both market and command economies.

Front

Which of the following statements about mixed economies is correct?
Options:
All countries have purely market economies.
Mixed economies balance government control with consumer freedom.
Mixed economies rely only on tradition for economic decisions.
Mixed economies do not exist in Europe.

Back

Mixed economies balance government control with consumer freedom.

Front

On the economic continuum, which country is closer to a market economy? Options: Russia, Germany, United Kingdom, None of these

Back

United Kingdom

Front

How does the United Kingdom's economy differ from Russia's?

Back

Russia's economy is closer to a command economy, while the UK is closer to a market economy.

Front

What is one similarity between Germany’s and the United Kingdom’s economic systems?

Back

Both have elements of government control and consumer-driven markets.

Front

Which of the following statements best describes Russia’s economy? Options: It is purely command with no market influence. It is a mixed economy closer to command. It is a mixed economy closer to market. It is a purely market economy.

Back

It is a mixed economy closer to command.